In a landmark deal, Carlyle Group Inc. co-founder David Rubenstein has signed an agreement to purchase the Baltimore Orioles for $1.725 billion. The acquisition marks a significant transition for the Orioles, signaling a new era under Rubenstein’s stewardship
The move ends the three-decades long Angelos family’s ownership since their acquisition of the team in 1993 for a mere $173 million.
Rubenstein, hailing from Baltimore, is set to become the team’s controlling owner, backed by an investment team that includes Ares co-founder Michael Arougheti. Notably, Orioles legend and Hall of Famer Cal Ripken Jr. is reported to be part of the new ownership group.
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The Orioles recently solidified their future at Camden Yards by reaching a long-term lease extension. This agreement secures the team’s presence for the next 30 years, with provisions for an early exit after 15 years if state approval for adjacent development plans is not obtained.
Rubenstein’s professional journey traces back to his legal career before venturing into politics, where he served as a deputy assistant for domestic policy to President Jimmy Carter. He later co-founded Carlyle Group in 1987, establishing himself as a prominent figure in the world of finance and investment.
Baltimore Orioles, one of MLB’s first charter teams, have three World Series to their name. The last World Series came in 1983 under the leadership of Rick Dempsey. In 2024, The Orioles lost to eventual champions Texas Rangers in the American League Division Series.
